Kimco
Historical (1)
|
WRI Historical (1)
|
Reclassification Adjustments
Note 2
|
Transaction
Adjustments
|
|
Note 3
|
Kimco
Pro Forma
|
||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Real estate
|
$
|
12,047,959
|
$
|
4,187,531
|
$
|
227,033
|
$
|
1,320,925
|
A |
$
|
17,783,448
|
|||||||||||||
Accumulated depreciation and amortization
|
(2,784,417
|
)
|
(1,193,095
|
)
|
(122,152
|
)
|
1,315,247
|
A |
(2,784,417
|
)
|
||||||||||||||
Total real estate, net
|
9,263,542
|
2,994,436
|
104,881
|
2,636,172
|
14,999,031
|
|||||||||||||||||||
|
||||||||||||||||||||||||
Real estate under development
|
5,672
|
-
|
26,214
|
-
|
A |
31,886
|
||||||||||||||||||
Investments in and advances to real estate joint ventures
|
595,283
|
362,132
|
-
|
92,341
|
B |
1,049,756
|
||||||||||||||||||
Other real estate investments
|
141,536
|
-
|
-
|
-
|
141,536
|
|||||||||||||||||||
Cash and cash equivalents
|
230,062
|
73,344
|
-
|
(140,659
|
)
|
C |
162,747 | |||||||||||||||||
Restricted deposits and escrows
|
-
|
11,702
|
(11,702
|
)
|
-
|
-
|
||||||||||||||||||
Marketable securities
|
792,136
|
-
|
-
|
-
|
792,136
|
|||||||||||||||||||
Accounts and notes receivable, net
|
200,121
|
70,039
|
-
|
(50,712
|
)
|
D |
219,448
|
|||||||||||||||||
Operating lease right-of-use assets, net
|
99,924
|
-
|
42,269
|
(12,582
|
)
|
E |
129,611
|
|||||||||||||||||
Unamortized lease costs, net
|
-
|
161,040
|
(161,040
|
)
|
-
|
-
|
||||||||||||||||||
Other assets
|
230,646
|
209,080
|
(622
|
)
|
(43,623
|
)
|
F |
395,481
|
||||||||||||||||
Total assets
|
$
|
11,558,922
|
$
|
3,881,773
|
$
|
-
|
$
|
2,480,937
|
$
|
17,921,632 | ||||||||||||||
Liabilities:
|
||||||||||||||||||||||||
Notes payable, net
|
$
|
5,047,529
|
$
|
1,786,962
|
$
|
(386,754
|
)
|
$
|
391,354
|
G |
$
|
6,839,091
|
||||||||||||
Mortgages payable, net
|
167,976
|
-
|
311,471
|
10,990
|
G |
490,437
|
||||||||||||||||||
Dividends payable
|
5,366
|
-
|
-
|
-
|
5,366
|
|||||||||||||||||||
Operating lease liabilities
|
94,492
|
-
|
42,345
|
(13,534
|
)
|
E |
123,303
|
|||||||||||||||||
Accounts payable and accrued expenses
|
-
|
95,979
|
(95,979
|
)
|
-
|
-
|
||||||||||||||||||
Other liabilities
|
455,560
|
218,369
|
128,917
|
115,598
|
A,H
|
|
918,444
|
|||||||||||||||||
Total liabilities
|
5,770,923
|
2,101,310
|
-
|
504,408
|
8,376,641
|
|||||||||||||||||||
Redeemable noncontrolling interests
|
15,784
|
-
|
-
|
-
|
15,784
|
|||||||||||||||||||
Commitments and Contingencies
|
||||||||||||||||||||||||
Stockholders’ equity:
|
||||||||||||||||||||||||
Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 19,580 shares; Aggregate liquidation preference $489,500
|
20
|
-
|
-
|
-
|
20
|
|||||||||||||||||||
Common stock, $.01 par value, authorized 750,000,000 shares; Issued and outstanding 433,516,714 and 613,437,708 historical and pro forma, respectively (2)
|
4,335
|
3,876
|
-
|
(2,077
|
)
|
I |
6,134
|
|||||||||||||||||
Paid-in capital
|
5,771,179
|
1,763,163
|
-
|
1,973,796
|
I |
9,508,138
|
||||||||||||||||||
Cumulative distributions in excess of net income
|
(68,265
|
)
|
(155,730
|
)
|
-
|
35,259 | J |
(188,736
|
)
|
|||||||||||||||
Accumulated other comprehensive loss
|
-
|
(11,947
|
)
|
-
|
11,947
|
K |
-
|
|||||||||||||||||
Total stockholders’ equity
|
5,707,269
|
1,599,362
|
-
|
2,018,925 |
9,325,556
|
|||||||||||||||||||
Noncontrolling interests
|
64,946
|
181,101
|
-
|
(42,396
|
)
|
L |
203,651
|
|||||||||||||||||
Total equity
|
5,772,215
|
1,780,463
|
-
|
1,976,529 |
9,529,207
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
11,558,922
|
$
|
3,881,773
|
$
|
-
|
$
|
2,480,937 |
$
|
17,921,632 |
(1) |
Historical financial information of Kimco and WRI is derived from Kimco's Quarterly Report filed on Form 10-Q and WRI's consolidated financial statements
included as Exhibit 99.2 to the Form 8-K/A, in each case, as of June 30, 2021.
|
(2) |
Historical shares issued and outstanding represent Kimco common stock as of June 30, 2021 as filed on its Quarterly Report filed on Form 10-Q. The pro forma shares issued and outstanding represent the historical Kimco shares and the
shares issued to WRI common shareholders had the Merger occurred as of June 30, 2021.
|
Kimco
Historical (1)
|
WRI Historical (1)
|
Reclassification Adjustments
Note 2
|
Transaction
Adjustments
|
Note 4
|
Kimco
Pro Forma
|
|||||||||||||||||||
Revenues
|
||||||||||||||||||||||||
Revenues from rental properties, net
|
$
|
1,044,888
|
$
|
422,339
|
$
|
6,221
|
$
|
33,700
|
a |
$
|
1,507,148
|
|||||||||||||
Management and other fee income
|
13,005
|
11,578
|
(6,221
|
)
|
-
|
18,362
|
||||||||||||||||||
Total revenues
|
1,057,893
|
433,917
|
-
|
33,700
|
1,525,510
|
|||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||
Rent
|
(11,270
|
)
|
-
|
(3,203
|
)
|
-
|
(14,473
|
)
|
||||||||||||||||
Real estate taxes
|
(157,661
|
)
|
(62,564
|
)
|
-
|
-
|
(220,225
|
)
|
||||||||||||||||
Operating and maintenance
|
(174,038
|
)
|
(91,075
|
)
|
2,605
|
-
|
(262,508
|
)
|
||||||||||||||||
General and administrative
|
(93,217
|
)
|
(37,388
|
)
|
804
|
-
|
(129,801
|
)
|
||||||||||||||||
Impairment charges
|
(6,624
|
)
|
(24,153
|
)
|
-
|
-
|
(30,777
|
)
|
||||||||||||||||
Depreciation and amortization
|
(288,955
|
)
|
(149,930
|
)
|
-
|
(30,368
|
)
|
b |
(469,253
|
)
|
||||||||||||||
Other operating expenses
|
-
|
-
|
-
|
(32,300
|
)
|
c |
(32,300
|
)
|
||||||||||||||||
Total operating expenses
|
(731,765
|
)
|
(365,110
|
)
|
206
|
(62,668
|
)
|
(1,159,337
|
)
|
|||||||||||||||
Gain on sale of properties
|
6,484
|
65,402
|
-
|
-
|
71,886
|
|||||||||||||||||||
Operating income
|
332,612
|
134,209
|
206
|
(28,968
|
)
|
438,059
|
||||||||||||||||||
Other income/(expense)
|
||||||||||||||||||||||||
Other income, net
|
4,119
|
7,143
|
(206
|
)
|
-
|
11,056
|
||||||||||||||||||
Gain on marketable securities, net
|
594,753
|
-
|
-
|
-
|
594,753
|
|||||||||||||||||||
Gain on sale of cost method investment
|
190,832
|
-
|
-
|
-
|
190,832
|
|||||||||||||||||||
Interest expense
|
(186,904
|
)
|
(61,148
|
)
|
-
|
35,119
|
d |
(212,933
|
)
|
|||||||||||||||
Early extinguishment of debt charges
|
(7,538
|
)
|
-
|
-
|
-
|
(7,538
|
)
|
|||||||||||||||||
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other real estate investments, net
|
927,874
|
80,204
|
-
|
6,151
|
1,014,229
|
|||||||||||||||||||
Provision for income taxes, net
|
(978
|
)
|
(451
|
)
|
-
|
-
|
(1,429
|
)
|
||||||||||||||||
Equity in income of joint ventures, net
|
47,353
|
39,206
|
-
|
5,764
|
e |
92,323
|
||||||||||||||||||
Equity in income of other real estate investments, net
|
28,628
|
-
|
-
|
-
|
28,628
|
|||||||||||||||||||
Net income
|
1,002,877
|
118,959
|
-
|
11,915
|
1,133,751
|
|||||||||||||||||||
|
||||||||||||||||||||||||
Net income attributable to noncontrolling interests
|
(2,044
|
)
|
(6,810
|
)
|
-
|
1,056
|
f |
(7,798
|
)
|
|||||||||||||||
|
||||||||||||||||||||||||
Net income attributable to the company
|
1,000,833
|
112,149
|
-
|
12,971
|
1,125,953
|
|||||||||||||||||||
|
||||||||||||||||||||||||
Preferred dividends
|
(25,416
|
)
|
-
|
-
|
-
|
(25,416
|
)
|
|||||||||||||||||
Net income available to the company’s common shareholders
|
$
|
975,417
|
$
|
112,149
|
$
|
-
|
$
|
12,971
|
$
|
1,100,537
|
||||||||||||||
Per common share:
|
||||||||||||||||||||||||
Net income available to the company’s common shareholders:
|
||||||||||||||||||||||||
-Basic
|
$
|
2.26
|
$
|
0.88
|
$
|
1.80
|
||||||||||||||||||
-Diluted
|
$
|
2.25
|
$
|
0.88
|
$
|
1.80
|
||||||||||||||||||
Weighted average shares:
|
||||||||||||||||||||||||
-Basic
|
429,950
|
127,291
|
h |
609,871
|
||||||||||||||||||||
-Diluted
|
431,633
|
128,169
|
h |
611,554
|
(1) |
Historical financial information of Kimco and WRI is derived from Kimco's Annual Report filed on Form 10-K and WRI's consolidated financial statements included
as Exhibit 99.1 to the Form 8-K/A, in each case, for the year ended December 31, 2020.
|
Kimco
Historical (1)
|
WRI Historical (1)
|
Reclassification Adjustments
Note 2
|
Transaction
Adjustments
|
Note 4
|
Kimco
Pro Forma
|
|||||||||||||||||||
Revenues
|
||||||||||||||||||||||||
Revenues from rental properties, net
|
$
|
564,603
|
$
|
238,091
|
$
|
3,062
|
$
|
5,746
|
a |
$
|
811,502
|
|||||||||||||
Management and other fee income
|
6,721
|
5,945
|
(3,062
|
)
|
-
|
9,604
|
||||||||||||||||||
Total revenues
|
571,324
|
244,036
|
-
|
5,746
|
821,106
|
|||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||
Rent
|
(6,028
|
)
|
-
|
(1,575
|
)
|
-
|
(7,603
|
)
|
||||||||||||||||
Real estate taxes
|
(78,530
|
)
|
(33,020
|
)
|
-
|
-
|
(111,550
|
)
|
||||||||||||||||
Operating and maintenance
|
(93,417
|
)
|
(46,054
|
)
|
1,219
|
-
|
(138,252
|
)
|
||||||||||||||||
General and administrative
|
(49,232
|
)
|
(22,295
|
)
|
509
|
-
|
(71,018
|
)
|
||||||||||||||||
Impairment charges
|
(104
|
)
|
(447
|
)
|
-
|
-
|
(551
|
)
|
||||||||||||||||
Depreciation and amortization
|
(147,449
|
)
|
(78,578
|
)
|
-
|
(11,571
|
)
|
b |
(237,598
|
)
|
||||||||||||||
Merger charges
|
(3,193
|
)
|
-
|
-
|
-
|
(3,193
|
)
|
|||||||||||||||||
Total operating expenses
|
(377,953
|
)
|
(180,394
|
)
|
153
|
(11,571
|
)
|
(569,765
|
)
|
|||||||||||||||
Gain on sale of properties
|
28,866
|
9,611
|
-
|
-
|
38,477
|
|||||||||||||||||||
Operating income
|
222,237
|
73,253
|
153
|
(5,825
|
)
|
289,818
|
||||||||||||||||||
Other income/(expense)
|
||||||||||||||||||||||||
Other income, net
|
5,139
|
(3,059
|
)
|
(153
|
)
|
8,411
|
g |
10,338
|
||||||||||||||||
Gain on marketable securities, net
|
85,382
|
-
|
-
|
-
|
85,382
|
|||||||||||||||||||
Interest expense
|
(94,528
|
)
|
(33,922
|
)
|
-
|
17,039
|
d |
(111,411
|
)
|
|||||||||||||||
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other real estate investments, net
|
218,230
|
36,272
|
-
|
19,625
|
274,127
|
|||||||||||||||||||
Provision for income taxes, net
|
(2,583
|
)
|
(324
|
)
|
-
|
-
|
(2,907
|
)
|
||||||||||||||||
Equity in income of joint ventures, net
|
34,070
|
8,372
|
-
|
3,528
|
e |
45,970
|
||||||||||||||||||
Equity in income of other real estate investments, net
|
8,826
|
-
|
-
|
-
|
8,826
|
|||||||||||||||||||
Net income
|
258,543
|
44,320
|
-
|
23,153
|
326,016
|
|||||||||||||||||||
|
||||||||||||||||||||||||
Net income attributable to noncontrolling interests
|
(3,904
|
)
|
(3,591
|
)
|
-
|
946
|
f |
(6,549
|
)
|
|||||||||||||||
|
||||||||||||||||||||||||
Net income attributable to the company
|
254,639
|
40,729
|
-
|
24,099
|
319,467
|
|||||||||||||||||||
|
||||||||||||||||||||||||
Preferred dividends
|
(12,708
|
)
|
-
|
-
|
-
|
(12,708
|
)
|
|||||||||||||||||
Net income available to the company’s common shareholders
|
$
|
241,931
|
$
|
40,729
|
$
|
-
|
$
|
24,099
|
$
|
306,759
|
||||||||||||||
Per common share:
|
||||||||||||||||||||||||
Net income available to the company’s common shareholders:
|
||||||||||||||||||||||||
-Basic
|
$
|
0.56
|
$
|
0.32
|
$
|
0.50
|
||||||||||||||||||
-Diluted
|
$
|
0.56
|
$
|
0.32
|
$
|
0.50
|
||||||||||||||||||
Weighted average shares:
|
||||||||||||||||||||||||
-Basic
|
430,769
|
126,559
|
h |
610,690
|
||||||||||||||||||||
-Diluted
|
432,430
|
127,655
|
h |
612,351
|
(1)
|
Historical financial information of Kimco and WRI is derived from Kimco's Quarterly Report filed on Form 10-Q and WRI's consolidated
financial statements included as Exhibit 99.2 to the Form 8-K/A, in each case, for the six months ended June 30, 2021.
|
WRI common shares outstanding as of August 3, 2021
|
127,784,797
|
|||
Exchange ratio
|
1.408
|
|||
Kimco common stock issued
|
179,920,994
|
Price of
Kimco
Common
Stock
|
Equity
Consideration
Given (Kimco
Shares to be
Issued)
|
Calculated
Value of WRI
Consideration
|
Cash
Consideration
*
|
Total Value of
Consideration
|
||||||||||||||||
As of August 3, 2021
|
$
|
20.78
|
179,921
|
$
|
3,738,758
|
$
|
352,488
|
$
|
4,091,246
|
Land
|
$
|
1,432,371
|
||
Building and improvements
|
4,303,118
|
|||
Real estate under development
|
26,214
|
|||
Real estate assets
|
5,761,703
|
|||
Investments in and advances to real estate joint ventures
|
454,473
|
|||
Cash, accounts receivable and other assets
|
287,193
|
|||
Notes payable
|
(1,491,562
|
)
|
||
Mortgages payable
|
(322,461
|
)
|
||
Accounts payable, other liabilities, tenant security deposits and prepaid rent
|
(304,293
|
)
|
||
Intangible liabilities
|
(155,102
|
)
|
||
Noncontrolling interests
|
(138,705
|
)
|
||
Total purchase price
|
$
|
4,091,246
|
• |
Reclassification of $26.2 million from Real estate to Real estate under development
|
• |
Reclassification of $11.7 million from Restricted deposits and escrows to Other assets
|
• |
Reclassification of $161.0 million from Unamortized lease costs, net to (i) Other assets of $40.1 million, (ii) Real estate of $231.2 million and (iii) Accumulated depreciation and amortization of ($110.2) million
|
• |
Reclassification of $10.1 million from Other assets to (i) Real Estate of $22.1 million and (ii) Accumulated depreciation and amortization of ($12.0) million
|
• |
Reclassification of $42.3 million from Other assets to Operating lease right-of-use assets, net
|
• |
Reclassification of $386.8 million from Notes payable, net to (i) Mortgages payable of $311.5 million, net and (ii) Other liabilities of $75.3 million
|
• |
Reclassification of $96.0 million from Accounts payable and accrued expenses to Other liabilities
|
• |
Reclassification of $42.3 million from Other liabilities to Operating lease liabilities
|
• |
Reclassification of $6.2 million from Management and other fee income to Revenues from rental properties, net
|
• |
Reclassification of $3.2 million from Operating and maintenance expense to Rent expense
|
• |
Reclassification of $0.8 million from General and administrative expense to $0.6 million in Operating and maintenance expense and $0.2 million to Other income, net
|
• |
Reclassification of $3.1 million from Management and other fee income to Revenues from rental properties, net
|
• |
Reclassification of $1.6 million from Operating and maintenance expense to Rent expense
|
• |
Reclassification of $0.5 million from General and administrative expense to $0.4 million in Operating and maintenance expense and $0.2 million to Other income, net
|
WRI Consolidated Properties as of June 30, 2021
|
||||||||||||
Fair Market Value
|
WRI Historical
Adjusted
|
Adjustments as
a Result of the
Merger
|
||||||||||
Real estate:
|
||||||||||||
Land
|
$
|
1,432,371
|
$
|
989,437
|
$
|
442,934
|
||||||
Building and improvements
|
3,683,342
|
3,171,880
|
511,462
|
|||||||||
Intangible assets
|
619,776
|
253,247
|
366,529
|
|||||||||
Total real estate
|
$
|
5,735,489
|
$
|
4,414,564
|
$
|
1,320,925
|
||||||
Other liabilities:
|
||||||||||||
Intangible liabilities
|
$
|
155,102
|
$
|
91,537
|
$
|
63,565
|
As of June 30, 2021
|
||||
Cash consideration paid at closing
|
$
|
(352,488
|
)
|
|
Additional borrowing under Kimco’s revolving credit facility
|
300,000
|
|||
Dividend paid to shareholders by WRI on August 2, 2021
|
(88,171 |
)
|
||
Pro forma adjustments to cash and cash equivalents
|
$
|
(140,659
|
)
|
As of June 30, 2021
|
||||
Operating lease right-of-use assets, net
|
||||
Operating lease right-of-use assets acquired
|
$
|
29,687
|
||
Elimination of WRI Historical Adjusted operating lease right-of-use assets, net
|
(42,269
|
)
|
||
Proforma adjustment to operating lease right-of-use assets, net
|
$
|
(12,582
|
)
|
|
Operating lease liabilities
|
||||
Operating lease liabilities acquired
|
$
|
28,811
|
||
Elimination of WRI Historical Adjusted operating lease liabilities
|
(42,345
|
)
|
||
Proforma adjustment to operating lease liabilities
|
$
|
(13,534
|
)
|
As of June 30, 2021
|
||||
Elimination of WRI Historical Adjusted tax increment revenue bonds
|
$
|
(14,758
|
)
|
|
Fair value tax increment revenue bonds
|
19,000
|
|||
Elimination of WRI Historical Adjusted deferred leasing costs
|
(40,084
|
)
|
||
Elimination of WRI Historical Adjusted other assets
|
(7,781
|
)
|
||
Pro forma adjustments to other assets
|
$
|
(43,623
|
)
|
As of
June 30, 2021
|
||||
Notes payable, net:
|
||||
Additional borrowing under Kimco’s revolving credit facility
|
$
|
300,000
|
||
Repayment of WRI indebtedness
|
(4,002
|
)
|
||
Fair value of debt adjustments for debt assumed
|
89,513
|
|||
Elimination of WRI Historical Adjusted deferred financing costs and debt premium
|
5,843
|
|||
Proforma adjustment to notes payable
|
$
|
391,354
|
||
Mortgages payable, net:
|
||||
Fair value of debt adjustments for debt assumed
|
$
|
15,095
|
||
Elimination of WRI Historical Adjusted deferred financing costs and fair value of debt adjustments
|
(4,105
|
)
|
||
Proforma adjustment to mortgages payable
|
$
|
10,990
|
As of June 30, 2021
|
||||
Non-recurring transaction costs
|
$
|
32,300
|
||
Fair value of intangible liabilities acquired
|
155,102
|
|||
Elimination of WRI Historical Adjusted intangible liabilities, net
|
(54,782
|
)
|
||
Elimination of WRI Historical Adjusted other liabilities
|
(17,022
|
)
|
||
Pro forma adjustments to other liabilities
|
$
|
115,598
|
As of June 30, 2021
|
||||
Outstanding WRI common shares – August 3, 2021
|
127,784,797
|
|||
Exchange Ratio
|
1.408
|
|||
Shares of Kimco common stock to be issued – pro forma basis
|
179,920,994
|
|||
Kimco par value per share
|
$
|
0.01
|
||
Par value of Kimco common stock to be issued – pro forma basis
|
$
|
1,799,210
|
||
Par value of WRI common shares – historical basis eliminated
|
$
|
(3,876,378
|
)
|
|
Pro forma adjustment to common stock
|
$
|
(2,077,168
|
)
|
|
Share of Kimco common stock to be issued – pro forma basis
|
179,920,994
|
|||
Paid-in capital $20.78 per share (less $0.01 par value per share)
|
$
|
20.77
|
||
Paid-in capital Kimco stock to be issued – pro forma basis
|
$
|
3,736,959,045
|
||
WRI paid-in capital – historical basis eliminated
|
$
|
(1,763,162,863
|
)
|
|
Pro forma adjustment to paid-in capital
|
$
|
1,973,796,182
|
Year Ended
December 31, 2020
|
||||
Pro forma straight-line rent
|
$
|
15,117
|
||
Pro forma above-market and below-market leases amortization, net
|
15,749
|
|||
Elimination of WRI historical straight-line rent
|
10,599
|
|||
Elimination of WRI historical above-market and below-market leases amortization, net
|
(7,765
|
)
|
||
Adjustment to revenues from rental properties
|
$
|
33,700
|
Six Months Ended
June 30, 2021
|
||||
Pro forma straight-line rent
|
$
|
4,377
|
||
Pro forma above-market and below-market leases amortization, net
|
7,874
|
|||
Elimination of WRI historical straight-line rent
|
(3,999
|
)
|
||
Elimination of WRI historical above-market and below-market leases amortization, net
|
(2,506
|
)
|
||
Adjustment to revenues from rental properties
|
$
|
5,746
|
Year Ended
December 31, 2020
|
||||
Pro forma depreciation expense for building and improvements
|
$
|
(95,397
|
)
|
|
Pro forma amortization expense of in-place leases
|
(84,901
|
)
|
||
Elimination of WRI historical depreciation and amortization
|
149,930
|
|||
Adjustment to depreciation and amortization expense
|
$
|
(30,368
|
)
|
Six Months Ended
June 30, 2021
|
||||
Pro forma depreciation expense for building and improvements
|
$
|
(47,699
|
)
|
|
Pro forma amortization expense of in-place leases
|
(42,450
|
)
|
||
Elimination of WRI historical depreciation and amortization
|
78,578
|
|||
Adjustment to depreciation and amortization expense
|
$
|
(11,571
|
)
|
Year Ended
December 31, 2020
|
||||
Pro forma interest expense for additional borrowings under Kimco’s revolving credit facility
|
$
|
(1,033
|
)
|
|
Pro forma amortization of above-market debt
|
34,290
|
|||
Elimination of WRI historical interest rate swap expense
|
(890
|
)
|
||
Elimination of WRI historical amortization of deferred financing costs, and premium/discount on notes payable, net and above-market debt fair market value
|
2,752
|
|||
Adjustment to interest expense
|
$
|
35,119
|
Six Months Ended
June 30, 2021
|
||||
Pro forma interest expense for additional borrowings under Kimco’s revolving credit facility
|
$
|
(885
|
)
|
|
Pro forma amortization of above-market debt
|
17,143
|
|||
Elimination of WRI historical interest rate swap expense
|
(440
|
)
|
||
Elimination of WRI historical amortization of deferred financing costs, premium/discount on notes payable, net and above-market debt fair market value
|
1,221
|
|||
Adjustment to interest expense
|
$
|
17,039
|
Year Ended
December 31, 2020
|
||||
Kimco weighted-average common shares outstanding - historical basis
|
429,950,422
|
|||
Shares of Kimco common stock issued to WRI shareholders – pro forma basis
|
179,920,994
|
|||
Weighted-average shares of Kimco common stock - basic
|
609,871,416
|
|||
Incremental shares of Kimco common stock to be issued for equity awards and assumed conversion of convertible units
|
1,682,327
|
|||
Weighted-average shares of Kimco common stock - diluted
|
611,553,743
|
Six Months Ended
June 30, 2021
|
||||
Kimco weighted-average common shares outstanding - historical basis
|
430,768,733
|
|||
Shares of Kimco common stock issued to WRI shareholders – pro forma basis
|
179,920,994
|
|||
Weighted-average shares of Kimco common stock - basic
|
610,689,727
|
|||
Incremental shares of Kimco common stock to be issued for equity awards and assumed conversion of convertible units
|
1,661,690
|
|||
Weighted-average shares of Kimco common stock - diluted
|
612,351,417
|